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How Insurer-Allowed IDV Range Can Still Lead to Underinsurance?
When you buy or renew car insurance online, insurers will provide you with an IDV range for the fixed value. This range is calculated based on ex-showroom price, depreciation schedule, vehicle's age, and internal underwriting guidelines. While the flexibility appears beneficial, choosing the lowest value within the permitted range also increases the risk of being underinsured.
Page A-119
How Insurer-Allowed IDV Range Can Still Lead to Underinsurance?
When you buy or renew car insurance online, insurers will provide you with an IDV range for the fixed value. This range is calculated based on ex-showroom price, depreciation schedule, vehicle's age, and internal underwriting guidelines. While the flexibility appears beneficial, choosing the lowest value within the permitted range also increases the risk of being underinsured.